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Reconcile payroll in xero. Xero Payroll – How to Reconcile a Pay Run 

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Reconcile payroll in xero.Reconcile Payroll Payment Transactions

 

Now we can get into the specific payroll reconciliation steps. It should include basic information about the employee, including: Name Birthdate Social security number Employee number In addition to those nuts and bolts detail, your payroll register should also record all of the payroll activity from each pay period, including: Hours worked Pay rate Pay date Regular hours Overtime hours Federal, local, and state income taxes Employee withholding for social security and Medicare FICA taxes Other deductions such as health insurance, retirement plans, wage garnishments, etc.

Note that this step is far less tedious and time-consuming if you use payroll software, as opposed to paper timesheets and time cards. Step 3: Check pay rates Now you know how many hours you need to be compensating an employee for during that payroll period. Payroll reconciliation checklist Ready to tackle your own payroll reconciliation process? FAQs about payroll reconciliation Now you know the ins and outs of the payroll reconciliation process.

How often should you reconcile payroll? How do I reconcile my to payroll? How do you reconcile year-end payroll? Recommended for you. Payroll What is payroll processing? How to process payroll step-by-step July 8, Important offers, pricing details and disclaimers This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business.

Smart features made for your business. We've got you covered. See how it works. Explore Content. Get help with QuickBooks. Find articles, video tutorials, and more. Start learning. Select Country. All rights reserved. By accessing and using this page you agree to the Terms and Conditions. About cookies Manage cookies. Under Financial Year Ending , select the correct year. Review the summary details for each employee.

Select the checkboxes next to all employees, and click Publish. Review the Status column for all employees in the payment summary table:. The tick icon shows the payment summary is published and ready to submit to the ATO.

The clock icon shows employees with unpublished payment summaries. Identify and fix payment summary errors , then republish.

Submit payment summary annual report to the ATO. Report the payment summaries to the ATO. Ask our community of customers, accountants and bookkeepers.

Skip to main content Search icon Search Xero Central. Create summaries for labour hire and some employment termination payments ETPs. When you post a pay run, Xero creates entries in the general ledger payroll expense and payroll payable accounts liability accounts.

The accounts used are those set in your Payroll settings. You'll need to have payroll admin permission to view payroll transactions. Difference between bank accounts and general ledger accounts Bank accounts in Xero represent transactions taken place in your actual bank account and should match what you see on your bank statements. In the Accounting menu, select Reports.

Under Accounting , click Account Transactions New. Select your payroll accounts from the list. Select a date range, then click Report Settings. For Layout , select Group By and Account. Select the Show Opening and Closing Balances checkbox. When these payments appear in your bank account feed in Xero, you need to reconcile them to the appropriate general ledger accounts. This article provides a step-by-step guide on how to do this.

Next, we need to post a pay run. Once you have a freshly posted pay run, click anywhere on its row in the Pay Run History section. You should now see a screen that shows us details of the pay run and allows us to perform a few tasks via the buttons at the bottom of the screen. These payments are listed in the Bank Payments report. To open the report:.

 

Reconcile Payroll Payment Transactions - AU - Xero TV.

 

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Reconcile payroll in xero.Bank reconciliation in Xero

   

Once you have posted a pay run in Xero and paid your employees, you need to reconcile the general ledger. When these payments appear in your bank account feed in Xero, you need to reconcile them to the appropriate general ledger accounts. This article provides a step-by-step guide on how to do this.

Next, we need to post a pay run. Once you have a freshly posted pay run, click anywhere on its row in the Pay Run History section. You should now see a screen that shows us details of the pay run and allows us to perform a few tasks via the buttons at the bottom of the screen.

These payments are listed in the Bank Payments report. To open the report:. This will open a report that shows us the payments we need to make to each employee. Next, we need to pay our employees from our bank account.

The payment transactions will then flow into our bank feed. From there, we can reconcile the transactions to the general ledger. For this tutorial, we are going to process the four payments to our employees as a single Batch Payment instead of making four individual payments.

To do this:. Because we are using the demo company for this tutorial, we will not make real payments from a bank account. This means the transactions will not automatically flow into our bank feed.

Instead, we will pretend we have made the payments and upload the transactions into our bank feed manually. On the Reconcile tab, scroll through until you find the transaction for the batch payment. Once you have found the transaction, you need to reconcile it to the general ledger. For this tutorial, we will do that by creating a general ledger transaction that will post to the Wages Payable account:. Click on the OK button when ready. If everything is correct, the transaction should disappear as it is now reconciled.

The process for making and reconciling PAYG Withholding tax and superannuation payments is almost the same as for salary and wage payments. The main difference is that they are reconciled to different general ledger accounts:. If you would like to learn more about Xero, check out our comprehensive Xero Courses and our YouTube channel.

Disclaimer: Our articles and videos are here to inform you and the information provided does not constitute financial, taxation, legal, business or other professional advice and should not be relied upon as such. See our full disclaimer here. Skip to content.